Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India's central bank keeps interest rates unchanged  Join our daily free Newsletter

MENAFN - The Peninsula - 17/06/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - The Peninsula) India's central bank kept its benchmark interest rates unchanged on Monday after three successive cuts this year, due to inflationary concerns, weak global factors and a falling rupee.

After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said the benchmark repo rate, at which it lends to commercial banks, would be on hold at 7.25 percent, as expected by most economists.

The cash reserve ratio the percentage of deposits banks must keep with the central bank was also kept unchanged at 4.0 percent.

The RBI's decision to keep rates unchanged had been forecast by economists due to a weakening rupee, which hit a record low of 58.98 against the dollar last week.

A cut in interest rates would lead to an even weaker rupee, push up the cost of imports and widen the current account deficit, which hit a record 6.7 percent of gross domestic product in the last quarter of 2012.


The RBI also expressed concern over stubborn headline inflation, although this cooled to a more than three-year low of 4.7 percent year-on-year in May, according to data last week.

Business leaders however want the RBI to lower borrowing costs further to help kick-start the economy, which has been growing at a decade low of 5.0 percent.

India's manufacturing activity also dropped to a 50-month low in May, fuelling further growth concerns about the strength of Asia's third largest economy.

The Congress party government, led by Prime Minister Manmohan Singh, has been battered by a spate of corruption scandals and is keen to revive economic growth before facing voters in general elections due in 2014.
MENAFN1706201300630000ID1093645024

 


The Peninsula




  MENA News Headlines
 Jan 16 2017 - Emir of Qatar phones Vice President of YemenSaudi Press Agency
(MENAFN - Saudi Press Agency) Doha, Rabi'II 18, 1438, January 16, 2017, SPA -- Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, made a telephone call to Vice President of Yemen General Ali Mohsen ...

 Jan 16 2017 - Spokesman of British government lauds Saudi Arabia's role in combating terrorSaudi Press Agency
(MENAFN - Saudi Press Agency) London, Rabi'II 18, 1438, January 16, 2017, SPA -- Edwin Samuel, Spokesman of the British government for Middle East and North Africa lauded the role the Kingdom of ...

 Jan 16 2017 - Kuwait- World Economic Forum (WEF) kick off Tues.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) GENEVA, Jan 16 (KUNA) -- The 47th World Economic Forum (WEF) will kick off on Tuesday in Davos Resort, Switzerland with the participation of around 3,000 world ...

 Jan 16 2017 - Kuwait's KRCS offers more food to displaced Iraqis from MosulKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) IRBIL, Jan 16 (KUNA) -- The Kuwait Red Crescent Society (KRCS) on Monday offered 860 food packages to displaced Iraqis from Mosul who are staying in Irbil, in ...

 Jan 16 2017 - Kuwait- 9th donors meeting tackles progress of aid to Syria - Al-MaatouqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Jan 16 (KUNA) -- The ninth meeting of major donors to Syria will examine how far pledges of aid made at the Syria donors conference last February in ...

 Jan 16 2017 - Kuwaiti FM heads to UAE for Asian meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Jan 16 (KUNA) -- Kuwaiti First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah has left for the UAE to attend a ...

 Jan 16 2017 - Kuwait- His Highness Amir's Rep. heads to Saudi Arabia for condolenceKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Jan 16 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's Representative, Deputy Minister of Amiri Diwan Affairs Sheikh Ali Jarrah ...

 Jan 16 2017 - Kuwait- Parliament speaker offers condolence to Kyrgyz counterpart over plane crashKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Jan 16 (KUNA) -- National Assembly Speaker Marzouq Al-Ghanim Monday sent a cable of condolences to his Kyrgyz counterpart Chynybay Tursunbekov over the ...

 Jan 16 2017 - A New Cold Wave to Sweep Across MoroccoMorocco World News
(MENAFN - Morocco World News) Casablanca – Several regions of Morocco will experience a significant drop in temperatures from Sunday through Tuesday, according to the Directorate of National ...

 Jan 16 2017 - Qatar- Emir directs to pay QR43.8m to solve Gaza's power woesThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani directed to swiftly pay QR43.8m to solve the problem of electricity in the Gaza Strip. The Emir also directed that an international ...

more...


 





Google

Easy Forex
 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help